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Feb 19, 2013
02/13
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says, if we follow president obama's plan, the u.s. in 25 years will be in worse shape than greece is today. >> by the way, stan druckenmiller, he is going to become more publicly vocal. >> is he? >> yes, he is. because he feels strongly that this is just a rape of unborn children. it's -- it's generational theft on an enormous magnitude. i frequently, if i have to give a talk, i ask people, particularly if they're older like i am, i say to them if you had one meal left, and you had your grandchild with you, would you eat it or would you give it to your grandchild? they all say, i'll give it to my grandchild. guess what? they're eating their grandchildren's breakfast, lunch and dinner right now, and they haven't been born yet. this is going to happen. >> right. >> these are -- >> i think these are absolutely great points. i mean, our prior perspective on this has been the periods in when you get big bull markets on stocks, when p/e multiples go to 20, the '50s '80s and nineties, those occurred with stable monetary policy, government sp
says, if we follow president obama's plan, the u.s. in 25 years will be in worse shape than greece is today. >> by the way, stan druckenmiller, he is going to become more publicly vocal. >> is he? >> yes, he is. because he feels strongly that this is just a rape of unborn children. it's -- it's generational theft on an enormous magnitude. i frequently, if i have to give a talk, i ask people, particularly if they're older like i am, i say to them if you had one meal left, and...
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Feb 7, 2013
02/13
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president obama had the courage to back him. and it turned out to be successful. in comparison, if i may say so, with what the europeans have done with their banks, where nobody knows what the numbers are, they apply a stress test that was meaningless and here we are some number of years later, they were still, and rightly so, enormous questions about many of the european banks. i think tim has done an excellent job. >> do you push for enough regulation? people look at compensation on wall street and say it's still too much. >> well i don't think that compensation was the purview of tim. you could argue about compensation one way or another and argue what role it played. that's an issue that the policy community is going to have to deal with going forward. but, it wasn't central to what he had to do. >> do you think compensation played a role? obviously the other critique on you has been that you were paid a huge amount of money, $100 million plus. no one's ever asked me and i was wondering if i could, did you get to keep all that money? a lot of it was in stock.
president obama had the courage to back him. and it turned out to be successful. in comparison, if i may say so, with what the europeans have done with their banks, where nobody knows what the numbers are, they apply a stress test that was meaningless and here we are some number of years later, they were still, and rightly so, enormous questions about many of the european banks. i think tim has done an excellent job. >> do you push for enough regulation? people look at compensation on...
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Feb 12, 2013
02/13
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he's never going to leave barack obama very far. we talked to him about the state of the union, about its impact on some of the fights like the budget sequester. he said he's not sure that the sequester is going to happen or not, whether they're going to make a deal, but this is the single biggest opportunity he's got to make his case on why we need revenues as well as spending cuts. here is david axelrod on the significance of the state of the union to that effort. >> we have a standoff on these issues. this is the largest audience he's going to have. the goal is to move public opinion because that's what moves congress. i think some of the reasons we now see some moment on issues like immigration reform, for example, has to do less with what the president said and more with what the american people have said. >> i also talked to david about the attitude the president has shown since the election. he certainly had a little bit more spring in his step. some people say he's been cocky since that election, throwing a couple of elbows
he's never going to leave barack obama very far. we talked to him about the state of the union, about its impact on some of the fights like the budget sequester. he said he's not sure that the sequester is going to happen or not, whether they're going to make a deal, but this is the single biggest opportunity he's got to make his case on why we need revenues as well as spending cuts. here is david axelrod on the significance of the state of the union to that effort. >> we have a standoff...
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Feb 8, 2013
02/13
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. >> david, obama care is coming. how is that going to affect your company? >> we see obama care as driving change in the marketplace and change is good because maybe to your core question, the status quo is not acceptable. we need to take costs out of the system and increase quality. for us, focus more on services. the change in the marketplace is a positive. one of the biggest changes we see happening in the united states is the opportunity to partner with physicians, to collaborate with physicians, to drive increases in health quality. today we have over 50 collaboratives already up and running in the united states where physicians are more paid based on the quality of outcomes haves the quality of services. as a result, people are getting better quality of outcomes, better services and costs are coming out of the system. >> david, give us a -- your outlook for the year ahead and a little bit beyond that. to what extent, when washington is -- it's in the middle right now of the process of trying to find cost savings. do you expect some of those cost saving
. >> david, obama care is coming. how is that going to affect your company? >> we see obama care as driving change in the marketplace and change is good because maybe to your core question, the status quo is not acceptable. we need to take costs out of the system and increase quality. for us, focus more on services. the change in the marketplace is a positive. one of the biggest changes we see happening in the united states is the opportunity to partner with physicians, to...
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Feb 4, 2013
02/13
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president obama once again says he's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should have put a ring on it ♪ ♪ if you like it then you should have put a ring on it ♪ >> good morning, everybody. i'm becky quick along with andrew ross sorkin. joe kernen is on vacation today so we're joined by steve liesman. we're happy to have him here. our top story this morning, the market. we have assembled a trio of wall street's most respected voices to join us for the next hour. we have a lot to talk about this morning. plus, there is that issue of the lights going out at the super dole last night. officials say an abnormality in the power system triggered an automatic shutdown forcing backup sy
president obama once again says he's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should...
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Feb 25, 2013
02/13
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and obama care is not even mandated until 2014. what makes you think that given all the headwinds that we're going to see, just in terms of, you know, regulations and new programs that in 2014 we're going to be in a better position to absorb some of these cuts? i'm worried now we're never going to be in a good position to absorb cuts economically. we may never have any growth. >> i'm more optimistic than that. we've talked about this before, joe. but, i think 2013, in gdp terms, is a transitional year, transitioning from these five years of weakness following all the events of 2008, into a stronger economy, mid 2014, end of 2014 -- >> that's a long transition. >> i think that's the case because of housing, because of energy, because of manufacturing, because of the end of household deleveraging, and i really think we're going to enter into a stronger period. it's not going to be this year. but i think it's coming. >> roger i want to go back to what becky said, which is let's say if you had a week to redo this plan. you still have t
and obama care is not even mandated until 2014. what makes you think that given all the headwinds that we're going to see, just in terms of, you know, regulations and new programs that in 2014 we're going to be in a better position to absorb some of these cuts? i'm worried now we're never going to be in a good position to absorb cuts economically. we may never have any growth. >> i'm more optimistic than that. we've talked about this before, joe. but, i think 2013, in gdp terms, is a...
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Feb 15, 2013
02/13
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. >> rick, 11,629 people go on food stamps each day. 31 million when obama came in. 47 million now. that's more than the population of spain, 47 million. we all want to help people that are needy. but it's probably not a good idea to create and add to the people that are needy and then feel virtuous about helping them. if policies were able to take -- the 16 million back off food stamps that are on now by giving them jobs, by instituting policies that give them jobs to where they're -- i mean it's so good to feel good on the front end about being virtuous about helping people that are needy but what if you're adding to all the people that are actually in need, steve? >> one statistic that summarizes it, sequester. everybody's talking about the sequester. if "the wall street journal" pointed out, the amount of money we're talking about for one year on the sequester's cuts is one-third of one percent of the 3.6 trillion that we would have if we had a budget. but that's the number. we can't -- one-third of one percent of our budget? oh, my god! if anybody thinks we're going to give tho
. >> rick, 11,629 people go on food stamps each day. 31 million when obama came in. 47 million now. that's more than the population of spain, 47 million. we all want to help people that are needy. but it's probably not a good idea to create and add to the people that are needy and then feel virtuous about helping them. if policies were able to take -- the 16 million back off food stamps that are on now by giving them jobs, by instituting policies that give them jobs to where they're -- i...
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Feb 20, 2013
02/13
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austin didn't mention the obama-care tax or payroll tax or any of that. those are all headwinds, too. >> listen, i think the impasse in washington is just crazy right now. i am absolutely for not having the sequestration. it's just too blunt of an object. >> but the two sides have not been able to -- >> zero. >> no common room -- common ground. >> if you could cut 85 you wanted to cut? >> in a nanosecond. >> do you have 85 you want to cut? >> do i know it off the top of my head. i think you need to still hit the revenue side. you need revenues and spending to be that fly% differential, you have to get there. you need revenues up by 18%. >> do you get that growing or additional taxes? >> i don't want to use the word taxes and i'm not trying to -- i don't think we're talking about tax rates here. there are certainly revenue loopholes we could be closing. >> we're supposed to close those to lower marginal rates. >> but we didn't. >> simpson-bowles we were lowering marginal rates and closing loopholes. now, we raise annual rates and you close loopholes. >> it
austin didn't mention the obama-care tax or payroll tax or any of that. those are all headwinds, too. >> listen, i think the impasse in washington is just crazy right now. i am absolutely for not having the sequestration. it's just too blunt of an object. >> but the two sides have not been able to -- >> zero. >> no common room -- common ground. >> if you could cut 85 you wanted to cut? >> in a nanosecond. >> do you have 85 you want to cut? >> do i...